{"id":39491,"date":"2018-10-21T14:38:39","date_gmt":"2018-10-21T19:38:39","guid":{"rendered":"http:\/\/olduvai.ca\/?p=39491"},"modified":"2018-10-21T14:38:39","modified_gmt":"2018-10-21T19:38:39","slug":"are-claims-of-peak-oil-production-in-russia-overblown","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=39491","title":{"rendered":"Are Claims Of Peak Oil Production In Russia Overblown?"},"content":{"rendered":"

Are Claims Of Peak Oil Production In Russia Overblown?<\/a><\/h3>\n\"Barrel\"<\/picture>\n
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Russian authorities have announced that domestic oil production hit 11.36 million barrels per day (bpd), on average, in September (Vedomosti<\/a>, October 2). This marks a new historic peak, rea\u00adched despite the often-cited poor shape of the Russian economy and negative impact of Western sanctions, not to mention the restrictions self-imposed on Moscow by the 2016 deal with the Organization of the Petroleum Exporting Countries (OPEC) (see\u00a0Jamestown.org<\/a>, March 8). Commenting on this fact, Vagit Alekperov, LukOIL\u2019s CEO and principal shareholder, assumed the cur\u00adrent out\u00adput levels cannot be sustained, arguing that Russia has already reached the li\u00admit of its oil pro\u00adduction capacity. On the other hand, Russia\u2019s Energy Minister Alexander Novak strongly disagreed (Neftegaz.ru<\/a>, October 3).<\/p>\n

Alekperov\u2019s estimate should be considered with at least so\u00adme degree of skepticism. First of all, such bearish assessments have be\u00aden made\u2014incorrectly\u2014many times in the past. Back in 2005, then\u2013deputy prime minister Viktor Khristenko predic\u00adted that oil production, at that time at 9.6 million bpd, would definitely decline after 2010 (Versia<\/a>, August 25, 2016). And four years later, Mikhail Krutikhin, one of Russia\u2019s most respected energy analysts, told Western journalists, \u201cWe now see production peaked last year,\u201d so, \u201cI believe the decline will continue for quite a number of years\u201d (BBC News<\/a>, April 15, 2008). Several other notable examples of suggestions that the Russian oil output had peaked could also be mentioned. And until recently, the consensus forecast for 2020 stood at 10.2 million bpd\u2014i.e., more than 10 percent below the rate recorded last month.<\/p>\n

Could Russia\u2019s oil output continue to grow in the years to come? Such a scenario is certainly probable, but it will only be achieved as long as several difficult conditions are rectified.<\/p>\n

\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Are Claims Of Peak Oil Production In Russia Overblown? Russian authorities have announced that domestic oil production hit 11.36 million barrels per day (bpd), on average, in September (Vedomosti, October 2). This marks a new historic peak, rea\u00adched despite the often-cited poor shape of the Russian economy and negative impact of Western sanctions, not to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[10367,5332,600,617,694,22477,22476],"class_list":["post-39491","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-lukoil","tag-oilprice-com","tag-opec","tag-peak-oil","tag-russia","tag-russian-peak-oil","tag-the-jamestown-foundation"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=39491"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39491\/revisions"}],"predecessor-version":[{"id":39492,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/39491\/revisions\/39492"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=39491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=39491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=39491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}